Mufin Green Finance Taps BSE Platform for ₹50-Cr NCD

Mufin Green Finance Ltd, a non-banking finance company (NBFC) specialising in electric mobility and clean energy lending, has raised ₹50 crore through its first listed non-convertible debenture (NCD) issue. The 15-month NCDs, listed on the BSE EBP platform, carry a coupon rate of 11%. InCred CapitalWealth Portfolio Managers Pvt Ltd acted as the investor in this issue.

The company said the proceeds will primarily be used to expand its loan book. About 90% of the funds will be directed towards medical premium financing, while the remaining 10% will go towards EV loans, battery financing, and rooftop solar installations for individuals and small businesses.

Diversified Funding Channel

Kapil Garg, Managing Director of Mufin Green Finance, said the debut listed issue marks a milestone in diversifying its funding channels. “With this ₹50 crore raise, we are aiming not just at expanding lending volumes, but also at creating a balance between consumer finance and sustainable energy adoption,” he said.

Gunjan Jain, Chief Financial Officer, added that the issue will help broaden participation and strengthen access to capital markets. “This NCD helps us diversify our portfolio, balance medical premium financing with green financing, and expand to underserved geographies,” she said.

Earlier, Mufin raised ₹54.4 crore (USD 6.5 million) via a private placement of unlisted secured NCDs from Developing World Markets (DWM). Proceeds were used for EV loans, battery financing, charging infrastructure and solar panel projects.